Biodiesel producer REG achieves 1-billion-gallon milestone
Renewable Energy Group Inc. announced April 21 it has reached a new milestone, having sold a cumulative 1 billion gallons of advanced biofuel during its 17-year history.
“On behalf of the board of directors and employees of REG, I want to say thank you to all of our customers; vendors; investors; federal, state and local supporters; partners; and team members over the years without whom we could never have met this milestone,” said Daniel J. Oh, REG president and CEO.
REG achieved this milestone through investments in a fully integrated value chain including its manufacturing, sales and marketing, and supply chain management capabilities. The company also committed itself to research and development as well as continuous improvement, allowing it to streamline the production process and broadly expand the variety of raw materials used to make biodiesel.
“Since our inception we have endeavored to provide customers with a reliable and durable product that helps diversify the energy complex and increases energy security, improves our environment, and supports agriculture,” Oh said. “Our desire to continuously deliver quality products is a driving force behind REG reaching the billion-gallon mark.”
“While we are a company that went from marketing 30,000 gallons of biodiesel in 1996 to more than 258 million gallons last year, we still remember what it took to get here and those who helped us,” said Jeff Stroburg, chairman of the REG board of directors. “We remain committed to investing in our advanced biofuels and renewable chemicals capabilities.”
REG was formed and began operating as an independent company in 2006, as the successor to the biodiesel operations of West Central Cooperative in Ralston, Iowa, which first began producing biodiesel from a 1 MMgy batch plant in 1996. Private investors, including West Central, provided capital enabling the company to grow, both organically and through acquisitions in California, Florida, Georgia, Illinois, Iowa, Minnesota, New Hampshire, New Mexico, New York, New Jersey and Texas. In January 2012, REG became a publicly traded company listed on the NASDAQ stock exchange and trades under the ticker REGI. The company has 257 MMgy nameplate production capacity at biorefineries across the country.